Firm Rolls Out Recordkeeping Platform for K-12 403(b)s

FPS Services, LLC, an affiliate of FPS Group, LLC and a Bluff Point company, has rolled out its Investment Provider Xchange (IPX) platform.

The IPX platform is a trading and recordkeeping platform focused on serving K-12 school district 403(b) plans, participants, and their investment providers. “IPX gives us an ease of processing that is otherwise found only in a single investment provider plan design, but with the ability to offer all of the obvious benefits sought by employers who prefer a multi-provider plan for their participants,” says James Olson, head of product development at FPS Services.

IPX integrates FPS’s trust and recordkeeping systems with online portals for plan sponsors, participants, advisers, and the administrative systems and services of TSA Consulting Group, which FPS says is one of the largest providers of administration and consulting services among K-12 403(b) plans nationwide (see “TSA Consulting Acquires 403(b) Solutions Program”). That integration gives employers and participants access to account balances and activity in addition to education content and product information, all from a single site and source.

“The platform essentially gives those 403(b) participants who hold investments from multiple providers the same access to their total account information, just like 401(k) participants have had for years,” according to Scott Pearson, president of FPS Trust Company, which provides the necessary custodial services.

FPS Trust accesses Depository Trust & Clearing Corporation’s (DTCC) Defined Contribution Clearance & Settlement System via its Matrix/Broadridge trading relationship, providing a simplified settlement process. And since payment automation and tax reporting are core offerings of FPS Trust, participating mutual fund companies and insurance carriers can outsource participant distributions using the trust company’s distribution and payment processing capabilities. In addition, FPS Services handles recordkeeping responsibilities like statement production.

“Creating standardization of the employer and plan participant experience is accomplished while also including the specific branding required by investment providers chosen by the districts,” states Joe Rollins of TSA Consulting Group.

TSA Consulting Group will be introducing the IPX platform and services to selected district customers over the coming months and into 2015, with widespread rollout and implementation throughout 2015.

More information is available at